China Hu electronic gadgets aneng Group to issue RMB 3.5 bln in bonds on Jun. 9
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China Huaneng Group to issue RMB 3.5 bln in bonds on Jun. 9Published: 03 Jun 2009 19:24:30 PST

Top 5 News From ChinaKnowledge.comShanda Interactive realized 25% net profit growth in Q1Disney Channel to enter the Chinese marketMainland TV firms to buy US$4.4 bln worth of flat panels in TaiwanGM says plan to set up JV with China FAW Group unchangedChina Railway Construction wins RMB 3.89-bln bidJun. 4, 2009 (China Knowledge) - China Huaneng Group, China's top power producer and the parent of Huaneng Power International Inc<600011><0902><HNP>, announced on Tuesday that it will issue RMB 3.5 billion (US$512 million) in fixed-rate five-year bonds on the interbank bond market on Jun. 9, sources reported.

The coupon rate will be determined through the process of book building, the company said in a statement.

The group has assigned Bank of China (BOC)<601988><3988> and Bank of Communications (BoComm)<601328><3328> as joint underwriters of the issuance.

The statement also said that 70% of the proceeds will be used to fund power plants, including the Nuozhadu and Xiaowan hydropower plants in southwestern China's Yunnan Province, Jinling Coal Power Station in eastern China's Jiangsu and Dongfang Power Plant in Hainan.

China Lianhe Credit Rating Co Ltd has rated the issuer and bonds AAA and AAA, respectively.

China Huaneng Group earlier reported revenue of RMB 151.3 billion in 2008, up 30.9% from a year earlier, according to an earlier report from China Knowledge.


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